Which of the following is NOT considered a type of irrevocable offer?

An irrevocable offer is one that cannot be withdrawn or revoked by the offeror once it has been made. In this context, verbal agreements without consideration are not classified as irrevocable offers.

Verbal agreements typically lack the legally enforceable characteristics required to be considered binding contracts. In contract law, consideration involves something of value that is exchanged between parties and is a crucial element for a contract to be enforceable. When there is no consideration, the agreement may not hold up legally, meaning that either party can easily back out without consequence.

On the other hand, unilateral contracts, firm offers by merchants, and option contracts with consideration are considered irrevocable because they meet specific criteria that create enforceable obligations. Unilateral contracts involve a promise made in exchange for a performance, creating an obligation that cannot be revoked once the performance starts. Firm offers by merchants provide assurance that an offer will remain open for a specified time even without consideration, while option contracts involve an agreement where the offeror receives consideration to keep the offer open for a specified period. These characteristics solidify the status of the other types of offers as irrevocable.